NEW YORK, July 31, 2013 /PRNewswire/ -- GBST, a leading
global provider of securities transaction and fund administration
software for the financial services industry, announced today that
Syn~FTT, its new solution for calculating, processing and paying
the financial transaction taxes, imposed by participating European
member states, is being implemented by a U.S. bank that ranks among
the top 10 largest banks in the world. The implementation of GBST's
Syn~FTT solution represents the first by a U.S. based financial
institution.
Syn~FTT is the first and only rules-based technology currently
available to automatically handle tax calculations, submissions,
declarations and payments relating to financial transaction taxes
imposed on trades in stocks, bonds and derivatives and its
implementation by a global financial institution headquartered in
the U.S. represents a milestone for GBST as it seeks to expand the
use of this solution by U.S. institutions.
"The recent introduction of a financial transaction tax by
France and Italy and the pending introduction of similar
taxes across Europe, have added to
the complexity facing asset managers brokers, custodians and other
firms based in the U.S. that transact globally," said Denis Orrock, CEO of Capital Markets, GBST.
"Growing challenges such as rebating and netting, amendments to
previously placed trades, data retrieval and varied system
interfaces and trading formats have quickly become new realities
for those buying and selling in the capital markets."
Financial institutions using Syn~FTT leverage the functionality
of Syn~, GBST's global transaction and settlement processing
system, integrating the module into their existing in-house
ledgers, MI and reconciliation systems, or other applications. The
financial transaction tax solution leverages the power of existing
GBST technologies to provide configurable rules-based actions,
straight through processing (STP) workflow and management, as well
as a configurable tax calculation methodology and a messaging
engine. The solution is fully auditable and a single instance
serves multiple legal entities and companies.
In addition to the EU Financial Transaction Tax, some 40 other
countries are currently implementing or have implemented different
types of transaction taxes. Recognizing the growing need by firms
for completely scalable software, GBST developed the solution to
meet the unique needs of all financial institutions.
"As speculation increases about the far-reaching and lasting
effects of taxation on financial transactions, many institutions
have attempted to implement tactical trading solutions leveraging
their existing tax software," added Denis
Orrock. "Unfortunately, many of these solutions cannot scale
to handle the volumes of trades from other jurisdictions that
impose different transaction taxes. Forward thinking firms, like
our most recent U.S. banking partner, are looking for more
strategic tax-processing solution to act as a central repository
for all tax rules—not just the EU financial transaction taxes."
For more information about GBST's Syn~FTT solution, please visit
ftt.gbst.com.
About GBST:
GBST (ASX: GBT), provides global technology services to the
financial services industry, addressing our clients' constant needs
for innovation, competitiveness and responsive IT that truly
enables business. Listed on the Australian Securities
Exchange, GBST has offices in Brisbane and throughout Australia, London and New
York as well as operations in Hong
Kong, Paris and
Singapore.
SOURCE GBST